Apple shares up 3% after company beats earnings expectations

Its fiscal first quarter of 2017 saw record earnings of $3.36 per share, well above the $3.21 forecast by Wall Street. Revenue also beat, coming in at $78.4 billion, versus the $77.3 analysts were predicting.

Investors were pleased that the company sold 78.3 million iPhones, compared to the 76.3 million expected.

Guidance for the next quarter, however, was slightly below investor estimates. Apple gave a range of $51.5 billion to $53.5 billion, when analysts surveyed by Thomson Reuters said they were looking for $53.79 billion.

Apple stock is up almost 25% in the past year, but that wasn’t enough to meet expectations. CEO Tim Cook’s salary was even slashed 15% last year, after the company missed iPhone sales goals.